Walmart, is being investigated in India over accusations that it secretly invested in supermarkets in the country, flouting a ban on foreign direct investment (FDI) in the sector. On Friday, the Reserve Bank of India announced an official probe into allegations that Walmart “clandestinely and illegally invested” $100m in the ‘Easyday’ chain of convenience stores, owned by Walmart’s partner Bharti Enterprises. The probe comes amidst domestic concerns over new laws to liberalise the Indian economy, and the predicted influx of FDI and global retailers that will follow. (Financial Times*, New York Times, Asia Daily Wire)
Environment
UK scientists turn fresh air into petrol
A small British company has produced the first ever “petrol from air”, using a revolutionary technology that could solve the energy crisis as well as helping to curb global warming by removing CO2 from the atmosphere. Air Fuel Synthesis in Stockton-on-Tees, in the north of England, has produced five litres of petrol from CO2 and water vapour since it activated its small refinery in August. The company hopes that within two years it will build a larger, commercial-scale plant capable of producing a ton of petrol a day. It also plans to produce green aviation fuel. Although the process is still in the early developmental stages and takes electricity from the national grid, the company believes it will eventually be possible to use power from renewable sources. (Independent)
Employees
Gold Fields miners end strike in South Africa
The South African mining company, Gold Fields, has announced that 15,000 miners who faced dismissal for going on an illegal strike have reported for duty, thus ending the strike. The company said that only 1,500 miners did not return for work on Thursday and so have lost their jobs. Workers at several other gold mines remain on strike, in the recent wave of unrest that has engulfed the sector. The unrest over pay has badly hit South Africa's economy, with the rand losing value and its credit rating downgraded. On Tuesday, police arrested 40 striking workers who had seized equipment worth millions of dollars at Anglo American's Kumba Iron Ore mine in the Northern Cape Province of the country. (BBC)
Finance & Banking
Barclays forced to set aside further £700m for PPI bill
Barclays has set aside a further £700m to refund customers who were wrongly sold payment protection insurance (PPI) in the latest sign of the rampant mis-selling that has plagued the banking industry in recent years. The fresh charge takes Barclays’ total provision to £2bn and means the final PPI bill for the industry is set to top £10bn. So far the UK’s five biggest banks have earmarked £9.5bn to cover claims from borrowers who did not want or need the cover. Analysts expect other lenders to make greater provisions in the coming weeks. (Financial Times*, BBC, Independent)
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